In July of 2020, Big Sky Community Housing Trust became an independent nonprofit that supports the local economy and enhances the character of the community by improving the availability of affordable homes for residents.
LOCALS HOUSED BY BSCHT
WHY DO LOCALS NEED HOMES?
Big Sky residents struggle to find housing due to skyrocketing real estate prices and vacation rentals dominating the rental market. At the end of 2021, Big Sky had a 0% vacancy rate for long-term rentals, and the average cost to purchase a nonluxury condo soared to $1,157,457. This combination has forced many Big Sky workers to live out of the community. Recent census data concludes that 78% of Big Sky’s workforce now commutes from at least 40 miles away.
Increase of median price for single family homes
From $960,000 in 2019 to $2,450,000 in 2022 (thru Aug.1)
Increase of median sales price for condos
From $429,225 in 2019 to $1,182,500 in 2022 (thru Aug. 1)
A recent housing study estimates Big Sky needs an additional 655 units by 2023 to address the current shortfall for the community’s growing workforce. Big Sky Community Housing Trust takes a multi-pronged approach to increasing the housing inventory available to Big Sky’s residents: building new homes and fully utilizing existing inventory.
BSCHT created a first for the community by constructing and selling MeadowView, a deed restricted condominium development for local workers.
In July of 2021, construction finished on MeadowView, Big Sky’s first community land trust development funded largely by Resort Tax.
All 52 condos sold to employees working in Big Sky.
Many MeadowView buyers received funding from BSCHT’s down payment assistance program, which loans up to $20,000 to buyers that they return at resale. The program then recycles the funds by making them available to the next buyer.
Support Local Housing
There is no quick answer to address the lack of affordable homes for Big Sky locals, a common problem in other resort towns. However, our community can still take action, which is the mission of the Big Sky Community Housing Trust.
Media and Documents
A collection of media articles and our most helpful documents and presentation files.